Avanidhar Subrahmanyam is a

professor Professor (commonly abbreviated as Prof.) is an academic rank at universities and other post-secondary education and research institutions in most countries. Literally, ''professor'' derives from Latin as a "person who professes". Professo ...

and named chair at the

University of California Los Angeles The University of California, Los Angeles (UCLA) is a public land-grant research university in Los Angeles, California. UCLA's academic roots were established in 1881 as a teachers college then known as the southern branch of the California ...

. He is an expert in

stock market A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange, ...

activity and

behavioral finance Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. ...

, and has published a number of papers on financial markets.

Education

Subrahmanyam studied at the

University of California, Los Angeles The University of California, Los Angeles (UCLA) is a public land-grant research university in Los Angeles, California. UCLA's academic roots were established in 1881 as a teachers college then known as the southern branch of the Californ ...

in the late 1980s. He graduated with a Ph.D. in

finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of f ...

in 1990.

Career

Subrahmanyam's career has operated primarily in the fields of finance and

economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics anal ...

. He held the role of assistant professor at

Columbia University Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...

from 1990 until 1993. After his role at Columbia, he became a visiting associate professor at the University of California in 1993 to 1994. Subrahmanyam is mainly known for two

academic An academy (Attic Greek: Ἀκαδήμεια; Koine Greek Ἀκαδημία) is an institution of secondary or tertiary higher learning (and generally also research or honorary membership). The name traces back to Plato's school of philosophy, ...

contributions: The first is a

behavioral Behavior (American English) or behaviour (British English) is the range of actions and mannerisms made by individuals, organisms, systems or artificial entities in some environment. These systems can include other systems or organisms as we ...

(psychological) theory for the superior performance of value

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a compan ...

s and the phenomenon of

momentum. This contribution was adjudged to be the winner of the Smith Breeden prize for the best paper published in the

Journal of Finance ''The Journal of Finance'' is a peer-reviewed academic journal published by Wiley-Blackwell on behalf of the American Finance Association. It was established in 1946 and is considered to be one of the premier finance journals. The editor-in-chief i ...

during 1998. The second contribution is to document that

market liquidity In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quickly purchase or sell an asset without causing a drastic change in the asset's price. Liquidity involves the trade-off between the ...

exhibits systematic variation across stocks, just like returns, which led to a number of studies analyzing why trading costs fluctuate over time. This contribution won the Fama-DFA award for the best paper in Capital Markets in the

Journal of Financial Economics The ''Journal of Financial Economics'' is a peer-reviewed academic journal published by Elsevier, covering the field of finance. It is considered to be one of the premier finance journals. According to the ''Journal Citation Reports'', the journa ...

for 2000. In the press, Subrahmanyam discussed Apple Inc.'s stock price in 2013, when there was a spike in trading prices. Following it racing to a record high of over $700, the stock quickly fell to below $400 for the first time since 2011. Appearing on

CNBC CNBC (formerly Consumer News and Business Channel) is an American basic cable business news channel. It provides business news programming on weekdays from 5:00 a.m. to 7:00 p.m., Eastern Time, while broadcasting talk s ...

, Subrahmanyam stated that the activity was likely due to over exuberance on the upside can lead to herd-like behaviour. During the same year, he also commentated on the growth of the

bitcoin Bitcoin (abbreviation: BTC; sign: ₿) is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distr ...

currency. Subrahmanyam stated that he believed one of the biggest drawbacks of the crypto-currency was that merchants were not made to accept the currency, which leads to uncertainty in its everyday use. His research and work has led him to be the author or co-author of numerous articles in refereed finance and economic journals. Recent research positions have ranged from the relationship between a company's stock and their

cost of capital In economics and accounting, the cost of capital is the cost of a company's funds (both debt and equity), or from an investor's point of view is "the required rate of return on a portfolio company's existing securities". It is used to evaluate ne ...

, while also studying theories on asset price behaviour and

equity Equity may refer to: Finance, accounting and ownership *Equity (finance), ownership of assets that have liabilities attached to them ** Stock, equity based on original contributions of cash or other value to a business ** Home equity, the diff ...

returns.

Research positions

Subrahmanyam is a founding co-editor and advisory editor for

Elsevier Elsevier () is a Dutch academic publishing company specializing in scientific, technical, and medical content. Its products include journals such as '' The Lancet'', '' Cell'', the ScienceDirect collection of electronic journals, '' Trends'', ...

's ''The Journal of Financial Markets''. He was previously an associate editor of '' The Review of Financial Studies'' and the ''

''. Subrahmanyam has served as part of the Working Research Group on Market Microstructure at the

National Bureau of Economic Research The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic c ...

and on the organizing committee for the NBER annual conferences on market microstructure. He has also served as a consultant to the UK Government Office for Science on

circuit breakers.

References

{{DEFAULTSORT:Subrahmanyam, Avanidhar UCLA Anderson School of Management faculty Living people UCLA Anderson School of Management alumni Columbia University faculty Year of birth missing (living people) Place of birth missing (living people)